OPTOWIDE(688195) 开源证券·2024-07-29 13:30Investment Rating - The report assigns a "Buy" rating, indicating an expected performance that is more than 20% above the market [83]. Core Viewpoints - The company focuses on optical communication and fiber laser fields, with products also applied in emerging sectors such as biomedical and consumer optics [1][2]. - The company adopts a differentiated competitive strategy, targeting niche markets within optical communication and fiber laser sectors through customized services [3]. - The company plans to maintain its technological innovation strategy, investing in the development of five core technologies while expanding into new application areas [7]. Financial Performance - In 2023, the company reported a slight revenue decline of 1.29% year-on-year, with total revenue of 340 million yuan. However, Q4 2023 showed a revenue increase of 13.45% year-on-year [13]. - The revenue from the optical communication sector decreased by 28.25%, while the fiber laser sector saw a growth of 16.53% [15]. - The company’s R&D expenses increased by 36.29% year-on-year, reaching 10 million yuan, with a R&D expense ratio of 10.97% [18]. Market Trends - The global optical module market is projected to grow from 6.672 billion USD in 2020 to 12.1 billion USD by 2025, with a CAGR of 10.6% [20]. - The domestic optical communication market is expected to reach 1390 billion yuan in 2023, reflecting a growing demand driven by advancements in 5G and cloud computing technologies [20][22]. Customer Base - The company has a diversified customer structure, with the top five customers accounting for 62.39% of total sales, indicating a healthy sales distribution [56]. - Key clients include major global optical module manufacturers and leading companies in the fiber laser sector, ensuring a stable revenue stream [76]. Revenue Forecast - The company forecasts total revenue growth from 464 million yuan in 2024 to 864 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 36% [77].